Sukanya Samriddhi Yojana: All you need to know before opening Sukanya Samriddhi Account
Sukanya Samriddhi Yojana: All you need to know before opening Sukanya Samriddhi Account.
Sukanya Samriddhi Yojana is one of the most popular schemes launched by the Indian Prime Minister Sh. Narender Modi. The scheme is an girl child prosperity scheme under ‘Beti Bachao Beti Padhao’ programme of the government of India. The scheme has been launched to offer a means of savings to the girl child in every family. The scheme has been very popular in the public since this is a great step towards providing financial security and financial dependence to women.
The Sukanya Samriddhi Yojana was launched in January, 2015. Finance Ministry has authorized a host of Public Sector and Private Sector Banks and Post offices for offering Sukanya Samriddhi Account.
Key Features of Sukanya Samriddhi Yojana/ Account:
- Account can be opened anytime till a girl attains age of 10 years.
- Only on account can be opened for one girl child.
- The account can be opened at post office or authorized banks.
- The opening amount is Rs.1000. There after amount can be deposited in multiple of 100 with a minimum deposit of Rs. 1000 per year.
- The upper limit for deposit is Rs.150000 for a year.
- The maturity duration of account is 21 years from the date of the opening of the account.
- The account is transferable anywhere in India from one post office or bank to other.
- You can also open account for your adopted girl child.
- Money can be deposited online.
- Girl child can also deposit amount.
- Interest would be calculated on 10th of every month. Earlier it was 5th of every month.
- You have to deposit money for 15 years. Earlier it was 14 years.
- Partial withdrawal is allowed for girl child education when she passed 10th class or turned 18 years.
- You can get duplicate passbook at a cost of Rs. 50.
- Now 100% amount can be withdrawn, when girl child turns 18. Earlier it was not allowed.
Interest Rate of Sukanya Samriddhi Account: The current rate of interest being offered by the government is 8.6%. Initially it was 9.1% when scheme was introduced in 2015-16.
How to open Sukanya Samriddhi Account: The account can be opened at any post office and all authorized banks of public and private sector.
Who can open Sukannya Samriddhi Account: This scheme can be availed by the parents or legal guardian of the girl child for the benefit of the girl child.
Age Limit of the Girl Child: The account under this scheme can be opened any time at the the birth of girl child till she attains age of 10 years.
Documents Required to open Sukanya Samriddhi Account: A duly filled application form along with required documents needs to be submitted to open the account. The following documents are required along with application form.
- Birth Certificates of the girl child.
- Identity proof of the depositor (Parents or legal guardian)
- Address proof of the depositor.
Tax Benefits of Sukanya Samriddhi Yojana: Amount contributed towards this scheme will qualify for deduction under section 80C.
Advantages of Sukanya Samriddhi Yojana:
- Attractive Rate of Interest.
- Full Tax benefit under section 80C.
- Maturity amount to be received by the girl directly.
- No fixed number of deposits. Amount can be deposited in multiple of 100 with no limitation on number of deposits.
- Account can be transferred anywhere in India.
Limitations of the Scheme:
- No guaranteed rate of interest.
- The account can be opened for only two girl child of the parents.
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